ES Journal Archive (2009 - 2010)
- Thread starter Jahajee
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Quote from trackstar:
Chart is worth a 1000 words.
Not always, although my charts are the simplest here. I did spell out the plan pretty simply, but here it is for visual pleasure:
The H&S is pretty obvious, but before we advance further up toward 930, we should pullback to the SMA line of 910, and that is what I expect tomorrow...
Jason, with all due respect, if you keep trading like you do right now, you will blow your account.
As per your posts, it seems to me that you lack both a sound exit strategy and strict risk management rules. If my memory serves well it is the second time that you lose total control of a position, watching it go more than 20 pts against you. That is the most secure road to the poorhouse.
To be able to handle such equity swings - percentage wise - you must have a robust strategy and the ability to execute it like a robot... otherwise that is just gambling.
You certainly have a strong determination and I hope you see this as a positive critic and an encouragement to re-think/enhance you trading approach.
I'm certainly not the best trader around here but I did manage to arrive to a point where I know what are the dos and don'ts so don't hesitate to pm me if needed.
Good luck.
How much did you bet?
Today was just filling of last friday's gap.
Nex stop is 901 to 906 es.
If you gonna let positions go so much against you, you gonna have to back the losers with big winners as well.
Based on previous postings, you tend to take quick profits, but have a hard time accepting a loser.
Little advice, not about getting it right. Do yourself a favor, develop a good method with clear entry and exit strategies or you will blow up your account, guaranteed.
Please take it as positive criticism, it would be easier for me to ignore your wrong doings but instead I took the time to suggest with good intentions, hope you understand that.
You are now short from support, not exactly a good thing my friend.
While I've been doing well with my toolbox (price action only), I'm always open to new approaches.
I believe from your previous posting that you calculate your time pivots based on prem, tick among other things. Also you seemed to give a significant importance to program trading, a subject I find interesting.
While the nyse website reports that program trading represents 30% of the total volume, I find it hard to find anything interesting and of real value on the internent.
Can you direct me to anything that would put me on the right track to understang program trading and what they base their strategy on? so far, my research shows that Prem is a major factor in their strategies but I may need a little more training/clues to get me going in the right direction.
Thanks.
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